Bank of New York Mellon Corp Buys Shares of 579,369 Butterfly Network, Inc. $BFLY

Bank of New York Mellon Corp acquired a new position in Butterfly Network, Inc. (NYSE:BFLY - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 579,369 shares of the company's stock, valued at approximately $4,878,000. Bank of New York Mellon Corp owned approximately 0.23% of Butterfly Network as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV acquired a new position in shares of Butterfly Network in the first quarter valued at about $25,000. Ameriprise Financial Inc. purchased a new stake in Butterfly Network in the third quarter valued at approximately $25,000. BNP Paribas Financial Markets grew its holdings in Butterfly Network by 707.2% during the second quarter. BNP Paribas Financial Markets now owns 16,258 shares of the company's stock worth $33,000 after acquiring an additional 14,244 shares during the period. ExodusPoint Capital Management LP acquired a new position in shares of Butterfly Network during the 4th quarter worth approximately $38,000. Finally, Sfmg LLC acquired a new position in Butterfly Network during the fourth quarter worth approximately $39,000. 37.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Butterfly Network in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $5.56.

Butterfly Network Trading Up 0.5%

Shares of NYSE BFLY opened at $7.33 on Friday. Butterfly Network, Inc. has a 1-year low of $1.47 and a 1-year high of $10.05. The firm has a market cap of $1.95 billion, a P/E ratio of -25.28 and a beta of 2.08. The business's 50 day moving average is $8.07 and its 200-day moving average is $5.82.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business had revenue of $32.61 million for the quarter, compared to analysts' expectations of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. Analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Insider Activity

In related news, Director Louise Phanstiel purchased 115,200 shares of Butterfly Network stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $8.68 per share, for a total transaction of $999,936.00. Following the completion of the transaction, the director owned 300,461 shares in the company, valued at $2,608,001.48. This represents a 62.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Megan Carlson sold 68,852 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $7.86, for a total value of $541,176.72. Following the transaction, the chief accounting officer directly owned 425,889 shares in the company, valued at $3,347,487.54. This represents a 13.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 4,884,333 shares of company stock worth $32,469,219. 21.99% of the stock is owned by insiders.

Butterfly Network Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company's flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.

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